Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 6 – Kinds of Insurance; Reinsurance; Limit of Risk
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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 6 - Kinds of Insurance; Reinsurance; Limit of Risk
- Abortion: means a medical treatment that is intended to terminate a diagnosable intrauterine pregnancy for a purpose other than to produce a live birth. See Michigan Laws 333.1071
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Aircraft: means that term as defined in section 2 of the aeronautics code of the state of Michigan, 1945 PA 327, MCL 259. See Michigan Laws 777.1
- Allegation: something that someone says happened.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Candidate: means that term as defined in section 3 of the Michigan campaign finance act, 1976 PA 388, MCL 169. See Michigan Laws 169.303
- Candidate for office: means a candidate for any of the following offices who is subject to the Michigan campaign finance act, 1976 PA 388, MCL 169. See Michigan Laws 169.303
- Caucus: From the Algonquian Indian language, a caucus meant "to meet together." An informal organization of members of the legislature that exists to discuss issues of mutual concern and possibly to perform legislative research and policy planning for its members. There are regional, political or ideological, ethnic, and economic-based caucuses.
- Commissioner: means the director. See Michigan Laws 500.102
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Conviction: includes any of the following:
(i) Assignment to youthful trainee status under section 11 to 15 of chapter II. See Michigan Laws 777.50Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Decedent: A deceased person. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the department of state. See Michigan Laws 169.303 Department: means the department of insurance and financial services. See Michigan Laws 500.102 Department: means the department of treasury. See Michigan Laws 205.1 Dependent: A person dependent for support upon another. Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Discharge date: means the date an individual is discharged from the jurisdiction of the court or the department of corrections after being convicted of or adjudicated responsible for a crime or an act that would be a crime if committed by an adult. See Michigan Laws 777.50 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Earned income: means salaries, wages, tips, bonuses, commissions, or other compensation or earnings from employment earned during the reporting period. See Michigan Laws 169.303 Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Felony: means a violation of a penal law of this state for which the offender, upon conviction, may be punished by imprisonment for more than 1 year or an offense expressly designated by law to be a felony. See Michigan Laws 761.1 Fetal viability: means that term as defined in section 28 of article I of the state constitution of 1963. See Michigan Laws 333.26101 firearm: except as otherwise specifically defined in statute, includes any weapon which will, is designed to, or may readily be converted to expel a projectile by action of an explosive. See Michigan Laws 8.3t Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Forbearance: A means of handling a delinquent loan. A Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC Form: means the financial disclosure form created by the department in accordance with section 11. See Michigan Laws 169.303 Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage, group disability insurance: means voluntary disability insurance that covers 2 or more employees or members, with or without their eligible dependents, written under a master policy issued to a governmental corporation, unit, agency, or department of a governmental entity, to a corporation, copartnership, or individual employer, or, on application of an executive officer or trustee of the association, to an association that has a constitution or bylaws and that is formed in good faith for purposes other than that of obtaining insurance, and under which officers, members, employees, or classes or departments of the association may be insured for their individual benefit. See Michigan Laws 500.607 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Health insurance policy: means an expense-incurred hospital, medical, or surgical policy, certificate, or contract. See Michigan Laws 500.608 Homicide: means any crime in which the death of a human being is an element of that crime. See Michigan Laws 777.1 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q insurance contract: means a contract of insurance, indemnity, suretyship, or annuity issued or proposed or intended for issuance by a person engaged in the business of insurance. See Michigan Laws 500.116 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Juvenile: means a person within the jurisdiction of the circuit court under section 606 of the revised judicature act of 1961, 1961 PA 236, MCL 600. See Michigan Laws 761.1 Juvenile adjudication: includes an adjudication set aside under section 18e of chapter XIIA of 1939 PA 288, MCL 712A. See Michigan Laws 777.50 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Live birth: means the complete expulsion or extraction of a product of conception from its mother, regardless of the duration of the pregnancy, that after expulsion or extraction, whether or not the umbilical cord has been cut or the placenta is attached, shows any evidence of life, including, but not limited to, 1 or more of the following:
(i) Breathing. See Michigan Laws 333.1071Misdemeanor: means a violation of a penal law of this state that is not a felony or a violation of an order, rule, or regulation of a state agency that is punishable by imprisonment or a fine that is not a civil fine. See Michigan Laws 761.1 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. ORV: means that term as defined in section 81101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 777.1 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal property: All property that is not real property. Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court. Plea agreement: An arrangement between the prosecutor, the defense attorney, and the defendant in which the defendant agrees to plead guilty in exchange for special considerations. Source: Probate: Proving a will Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed. Property: includes any matter or thing upon or in respect to which an offense may be committed. See Michigan Laws 761.1 Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Report: means the financial disclosure report required under section 10 of article IV of the state constitution of 1963. See Michigan Laws 169.303 Reporting period: means the preceding calendar year. See Michigan Laws 169.303 Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims. shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c Snowmobile: means that term as defined in section 82101 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 777.1 Spouse: means an individual who is lawfully married to a candidate for office as described under 26 C. See Michigan Laws 169.303 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o Statute: A law passed by a legislature. Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Subpoena: A command to a witness to appear and give testimony. Support: means that term as defined in section 2 of the support and parenting time enforcement act, 1982 PA 295, MCL 552. See Michigan Laws 205.1 Testify: Answer questions in court. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trustee: A person or institution holding and administering property in trust. Unearned income: means income that is not earned from employment, including, but not limited to, financial prize, unemployment benefits, annuities, stock dividends, deferred compensation, pension, profit sharing, or retirement income. See Michigan Laws 169.303 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Vehicle: means that term as defined in section 79 of the Michigan vehicle code, 1949 PA 300, MCL 257. See Michigan Laws 777.1 Verdict: The decision of a petit jury or a judge. Vessel: means that term as defined in section 80104 of the natural resources and environmental protection act, 1994 PA 451, MCL 324. See Michigan Laws 777.1